Ask Terry Questions 403B moved when I left employer

403B moved when I left employer

By Terry Savage on January 27, 2020 | Financial Planning / Retirement

Enjoy you so much. I left my job in September, plan on resuming employment in the spring. Since September the $300k I have in my former employer’s 403B was moved from Schwab to TransAmerica. Should I move that to an IRA? What are the benefits? I am 57 years old. Not planning on retiring any time soon.

Terry Says

First you need to explain to me the term “was moved” — as in was moved to Transamerica. Your employer cannot move an amount that large without your permission! What type of investment at Transamerica? Is it still in the 403(B) plan — and the employer moved the entire plan there?? Was it “rolled over” — and did you give permission for this? Have you discussed exactly what happened with your former employer’s HR department??

Honestly, you’ve got me worried. You need to know exactly what happened — and what you’re invested in now, and the date it was done.

There are limitations on the number of rollovers you can do in a 12 month period. So you may be restricted as to another rollover for a while.
Please, please write back with details. This is too much money to leave hanging and/or to make a mistake!

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